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Study Of Relationship Between Corporate Governance Mechanism And Performance Of Companies In Different Stages Of Development

Posted on:2012-02-01Degree:MasterType:Thesis
Country:ChinaCandidate:J Y JiaFull Text:PDF
GTID:2219330368978277Subject:Business management
Abstract/Summary:PDF Full Text Request
A great deal of theoretical and empirical research about the relationships between corporate governance and corporate value all attempt to find a perfect combinations of governance mechanisms to Increase corporate value, but they failed to do this. This paper, it studies the question from a new perspective ,as well as classifies companies in accordance with the stage of their growth .Then it study the difference of the relationships in the different kind of companies.This paper studies the internal corporate governance structure, including shareholder ownership structure, board structure, insider ownership and debt structure. In this study, We Analies the effects of ownership structure of shareholders, board structure, debt structure and insider ownership on firm performance and The characteristics of enterprises in different stages of growth firstly .This basis, proposes hypotheses and verifies the correctness of assumptions. This paper has some differences with other papers in research method, it uses the Pearson correlation coefficient analysis to analyze the correlation between various indicators .And on this basis, it tryies to verify the analytical results by using the Regression equation. Finally, it gets the conclusion: the Board of dual leadership system had a significant good impact on the performance in the mature enterprise, but it is not significant in growing enterprise; Independent directors have a significant and beneficial effect on the performance of growing and mature enterprises; The checks and balances of outside shareholders have a significant positive effect on corporate performance in growing enterprise, while have no significant impact in mature enterprise; Debt financing have a significant negative impact in growing firms and mature firms; Management's shareholding ratio had a good impact on business performance in mature companies, but have a negative impact in the growing enterprise; Controlling shareholder's ownership percentage negative impact on the corporate performance, while it is more significant in the growing companies .
Keywords/Search Tags:corporate governance, corporate performance, governance mechanism
PDF Full Text Request
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